Summary: NS Groep N.V.

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AbstractThe 'A+' rating on Dutch rail provider NS Groep N.V. is based on the group's stand-alone credit profile (SACP), which we assess at 'a', as well as our opinion that there is a "moderately high" likelihood that the State of the Netherlands (AAA/Stable/A-1+; Unsolicited Ratings) would provide timely and sufficient extraordinary support to NS Groep in the event of financial distress. In accordance with Standard & Poor's Ratings Services' criteria for government-related entities (GREs), our view of a "moderately high" likelihood of extraordinary government support is based on our assessment of NS Groep's: "Limited" link with its sole owner, the State of the Netherlands, compared with those of other European rail infrastructure providers with their respective states; and "Very important"...

Companies mentioned in this report are: NS Groep N.V.Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key
factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

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